Currencies
Copper Rally Resuscitates the World’s Worst Performing Currency
- Chilean peso is the best performing major currency in April
- Gap between terms of trade and CLP is set to attract bulls
Photographer: Martin Bernetti/AFP/Getty Images
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A long-forecast rally in copper is beginning to drag up the beleaguered Chilean peso in its wake, just as the currency’s peers tumble on the prospect of higher US rates for longer.
The peso is up 3.4% in April, the only currency to have risen against the dollar in the month. In the first quarter, it was the world’s worst performing currency, dropping 10% against the greenback.